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Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Rebounds Towards $79.00 As Crude Inventories Decline

By:
Vladimir Zernov
Published: May 15, 2024, 18:33 GMT+00:00

Key Points:

  • Natural gas tests new highs as traders remain bullish.
  • WTI oil moved back towards the $79.00 level as traders reacted to the EIA report.
  • Brent oil is trying to settle back above the $83.00 level.
Natural Gas, WTI Oil Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 150524 Daily Chart

Natural gas is moving higher as traders stay bullish ahead of the EIA report, which will be released tomorrow.

Natural gas is close to the important resistance at $2.45 – $2.50. Most likely, natural gas prices will need additional positive catalysts to move above the $2.50 level.

WTI Oil

WTI Oil
WTI Oil 150524 Daily Chart

WTI oil rebounded from session lows as traders reacted to the EIA report, which indicated that crude inventories declined by 2.5 million barrels from the previous week.

If WTI oil climbs back above the $80.00 level, it will head towards the 50 MA at $81.77.

Brent Oil

Brent Oil
Brent Oil 150524 Daily Chart

Brent oil has also moved away from session lows. The EIA report and falling Treasury yields provided material support to Brent oil prices.

From the technical point of view, Brent oil needs to settle above $84.50 to have a chance to gain sustainable upside momentum.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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